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(a) In this section, “Authority staff” means any of the individuals who are employed by the Department to operate the programs of the Authority immediately prior to the execution by the Department of a contract under this section with the private corporation organized by any of those individuals.
(b)(1) The Department may contract for and engage the services of some or all of the Authority staff to administer the programs of the Authority, for a period of 3 years, if the Authority staff has organized itself as a private Maryland corporation.
(2) The Department may:
(i) extend the termination date of the contract in effect as of September 30, 2008 to June 30, 2012, and modify that extended contract as needed; and
(ii) renew the extended contract for up to two additional 5-year terms, and modify that renewed and extended contract as needed.
(3) An extension or renewal contract shall include standards to evaluate the performance of the private contractor in rendering services under the contract.
(c) In its name the corporation may use “Maryland Small Business Development Financing Agency”, “MSBDFA, Inc.”, or any close approximation of those terms.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-511 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-511/
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